Comprehensive income
Response to the following problem:
The Massoud Consulting Group reported net income of $1,354,000 for its fiscal year ended December 31, 2016. In addition, during the year the company experienced a foreign currency translation adjustment gain of $240,000 and had unrealized losses on investment securities of $80,000. The company's effective tax rate on all items affecting comprehensive income is 30%. Each component of other comprehensive income is displayed net of tax.
Required:
Prepare a separate statement of comprehensive income for 2016.